Travelers shares down on earnings miss, despite rate rises
Travelers' shares closed down 3.8 percent at $58 today despite bullish rates commentary from senior management as investors reacted to an earnings miss, lower reserve releases and sluggish investment performance.
The US insurance giant reported fourth quarter net income down 31 percent to $618mn, with operating income of $1.48 a share that came in below Wall Street consensus of $1.53 a share.
Net investment income was down 16 percent to $541mn, while the company's combined ratio of 95.9 percent was...
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